GLOBAL M&A MARKET REVIEW FINANCIAL RANKINGS

Transcription

1 GLOBAL M&A MARKET REVIEW FINANCIAL INGS 1Q 2018

2 Q GLOBAL M&A FINANCIAL ADVISORY INGS CONTENTS 1. Introduction 2. Global M&A Heat Map 3. Global M&A Regional Review 4. Global M&A League Tables 5. Americas M&A Regional Review 6. Americas M&A League Tables 8. EMEA M&A Regional Review 9. EMEA M&A League Tables 12. APAC M&A Regional Review 13. APAC M&A League Tables 16. Disclaimer The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The tables represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors. The rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equityswaps, joint ventures, private placements of common equity and convertible securities, and the cash injection component of recapitalization according to Bloomberg standards. Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We provide a global perspective and local insight into unique deal structures in various markets through a network of over 800 financial and legal advisory firms, ensuring an accurate reflection of key market trends. Our quarterly league table rankings are a leading benchmark for legal and financial advisory performance, and our Bloomberg Brief newsletter provides summary highlights of weekly M&A activity and top deal trends. Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league table results. On the web, visit: Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service. DATA SUBMISSIONS AND QUERIES Contact Phone North America Nageen Qasim nqasim1@bloomberg.net EMEA Madeeha Ahmad mchaudhry13@bloomberg.net Asia Pacific Sayaka Sakashita ssakashita@bloomberg.net General M&A queries may be submitted to: m-a@bloomberg.net, malondon@bloomberg.net, maasia@bloomberg.net 2018 Bloomberg Finance L.P. All rights reserved.

3 Global M&A Heat Map North America USD 589.3B 1. Morgan Stanley 34.8% 2. JPMorgan Chase & Co 27.5% 3. Goldman Sachs & Co 25.1% Western Europe USD 285.1B 1. JPMorgan Chase & Co 39.3% 2. Lazard Ltd 19.4% 3. Citigroup Inc 18.8% Eastern Europe USD 18.2B 1. LionTree Advisors LLC 18.9% 2. BNP Paribas SA 18.9% 3. Barclays PLC 18.9% Latin America USD 43.7B 1.Bank of America Merrill Lynch 37.2% 2. JPMorgan Chase & Co 34.9% 3. Banco Itau BBA 34.3% Middle East & Africa USD 27.4B 1. JPMorgan Chase & Co 31.3% 2. Rothschild & Co 22.5% 3. Lazard Ltd 20.0% Asia Pacific USD 297.5B 1. Morgan Stanley 16.7% 2. JPMorgan Chase & Co 14.4% 3. Lazard Ltd 12.8% Deal volume and adviser market share for any regional involvement (target, seller, or acquirer) for 1Q

4 Global M&A Regional Review Global merger and acquisition activity reached $936.8 billion in 1Q2018, representing an increase of 24.9% compared to the same period last year. Private equity transactions reached a 1Q2018 volume of $215.7 billion, accounting for 23.0% of the global volume for the period. GIC Pte Ltd, Canada Pension Plan Investment Board, and Blackstone Group's pending acquisition of Thomson Reuters Corp's financial data unit for $17.0 billion was the largest announced private equity deal of the quarter. M&A deals targeting the technology sector increased 149.7% in volume year on year to $91.3 billion. Fujifilm Holdings Corp's pending acquisition of a majority stake in Xerox Corp for $10.32 billion was the largest deal in this sector. Summary Date Global M&A: Highlights of Q Target Acquirer Total Value Global M&A: Premium Breakdown Global M&A: Industry Breakdown Amount (Bln.) % of Total Number of deals 10,330 Consumer Non-cyclical $ % 69.5% 3/8/2018 Express Scripts Holding Co Cigna Corp - $68,375.7 Volume (Bln.) $936.7 Financial $ % 18.3% Avg Deal Size (Mln.) $90.6 Brookfield Property Technology $ % 149.6% 3/27/2018 GGP Inc - $27,760.8 Partners LP Consumer Cyclical $ % 1.1% Top Adviser Industrial $ % 4.6% 1/29/2018 Dr Pepper Snapple Group Inc Keurig Green Mountain Inc $23,167.7 Morgan Stanley Energy $ % -44.3% Number of deals 75 Financial data unit/thomson Thomson Communications $ % 32.9% 1/29/2018 Multiple Acquirers $17,000.0 Volume (Bln.) $248.9 Reuters Corp Reuters Corp Basic Materials $ % 144.3% Avg Deal Size (Bln.) $3.3 Utilities $ % 36.1% 3/5/2018 XL Group Ltd AXA SA - $15,200.6 Diversified $ % -69.6% Seller Industry 45% 3% 1% 8% 16% 27% 0-10% 10-25% 25-50% 50-75% % 100%+ % YoY Change Global M&A Review Q Global M&A: Quarterly Volume $1,000 6,000 $800 5,000 $600 4,000 3,000 $400 2,000 $200 1,000 $ Q Q Q Q Q Q1 Volume $(Bln.) Quarterly Volume represents any involvement (target, seller, or acquirer). Global M&A: Deal Type Breakdown Deal Type Amount (Bln.) % Change % Change Volume Company Takeover $ % 41.7% Cross Border $ % 0.3% Private Equity $ % 12.0% Asset sale $ % 2.8% Tender Offer $ % -19.6% Venture Capital $ % 90.3% Spin-off $ % 129.1% Minority purchase $ % 41.8% Majority purchase $ % 9.6% 3

5 Global Announced Deals 01/01/ /31/2018 Cross Border Announced Deals 01/01/ /31/ Morgan Stanley , JPMorgan Chase & Co , JPMorgan Chase & Co , Morgan Stanley , Goldman Sachs & Co LLC , Citigroup Inc , Lazard Ltd , Goldman Sachs & Co LLC , Citigroup Inc , Barclays PLC , Centerview Partners LLC , Lazard Ltd , Bank of America Merrill Lynch , RBC Capital Markets , Credit Suisse Group AG , Bank of America Merrill Lynch , Barclays PLC , Credit Suisse Group AG , RBC Capital Markets , Deutsche Bank AG , Rothschild & Co , Evercore Inc , Evercore Inc , Guggenheim Capital LLC , Deutsche Bank AG , Centerview Partners LLC , Guggenheim Capital LLC , Rothschild & Co , UBS AG , Canson Capital Partners , Macquarie Group Ltd , Toronto-Dominion Bank/The , Nomura Holdings Inc , Greenhill & Co Inc , BDT & Co LLC , LionTree Advisors LLC , Toronto-Dominion Bank/The , Ardea Partners LLC , LionTree Advisors LLC , Nomura Holdings Inc , TOTAL 936,361 10, ,201 TOTAL 398,346 3,712 Global Private Equity Announced Deals 01/01/ /31/2018 (Mln) COUNT JPMorgan Chase & Co , Goldman Sachs & Co LLC , Morgan Stanley , Citigroup Inc , Lazard Ltd , Bank of America Merrill Lynch , Evercore Inc , Barclays PLC , Guggenheim Capital LLC , Centerview Partners LLC , Canson Capital Partners , Toronto-Dominion Bank/The , Credit Suisse Group AG , Macquarie Group Ltd , HSBC Bank PLC , Rothschild & Co , Nordea Bank AB , LionTree Advisors LLC , Societe Generale SA , Deutsche Bank AG , TOTAL 215,290 3, , ,037 4

6 Americas M&A Regional Review In 1Q2018, M&A activity in the Americas increased by 48.7% to $515.8 billion compared to the same period last year. The Americas continued to be the most sought after region accounting for 55.1% of the global volume. The consumer non-cyclical industry was the most targeted in the Americas during 1Q2018, experiencing an increase of 134.8% in volume year-over-year. The pending acquisition of Express Scripts Holding Co by Cigna Corp for $68.4 billion was the largest announced deal both in the sector and globally. Morgan Stanley and Skadden Arps Slate Meagher & Flom LLP ranked as the top Financial and Legal Adviser in 1Q2018 for the region with a market share of 42.0% & 29.4% respectively. Americas M&A: Highlights of Q Country Total Value Summary Date Target Acquirer Seller (Mln.) Industry Americas M&A: Country Breakdown United States $ % 57.9% Canada $ % -46.0% Brazil $ % 18.4% Bermuda $ % % Chile $ % 326.1% British Virgin Islands $ % -54.2% Colombia $ % % Mexico $ % -72.8% Americas M&A: Industry Breakdown Amount (Bln.) % of Total Number of deals 4,436 Consumer Non-cyclical $ % 134.8% 3/8/2018 Express Scripts Holding Co Cigna Corp - $68,375.7 Volume (Bln.) $515.9 Financial $ % 76.0% Avg Deal Size (Mln.) $116.0 Brookfield Property Partners Technology $ % 175.7% 3/27/2018 GGP Inc - $27,760.8 LP Energy $ % -51.9% Top Adviser - Industrial $ % 52.1% 1/29/2018 Dr Pepper Snapple Group Inc Keurig Green Mountain Inc $23,167.7 Morgan Stanley Utilities $ % 26.1% Thomson Number of deals 43 Financial data unit/thomson Basic Materials $ % 427.3% 1/29/2018 Multiple Acquirers Reuters $17,000.0 Volume (Bln.) $216.8 Reuters Corp Corp Consumer Cyclical $ % -28.2% Avg Deal Size (Bln.) $5.0 Communications $ % 15.0% 3/5/2018 XL Group Ltd AXA SA - $15,200.6 Diversified $ % 211.2% Amount (Bln.) % of Total % YoY Change % YoY Change Global M&A Review Q Americas M&A: Quarterly Volume $1, $ $ $ $ $ Q Q Q Q Q Q1 Volume $(Bln.) Quarterly Volume represents any involvement (target, seller, or acquirer). Deal Type Americas M&A: Deal Type Breakdown Amount (Bln.) % Change % Change Volume Company Takeover $ % 75.3% Cross Border $ % 4.6% Private Equity $ % 7.2% Asset sale $ % -14.3% Tender Offer $ % -17.5% Venture Capital $ % 53.9% Spin-off $ % 292.9% Minority purchase $ % 104.6% Majority purchase $ % 200.7% 5

7 US Announced Deals (Any Involvement) 01/01/ /31/2018 US Announced Deals (Target or Seller) 01/01/ /31/2018 (Mln) COUNT Morgan Stanley , Morgan Stanley , JPMorgan Chase & Co , Goldman Sachs & Co LLC , Goldman Sachs & Co LLC , Lazard Ltd , Lazard Ltd , JPMorgan Chase & Co , Centerview Partners LLC , Centerview Partners LLC , Citigroup Inc , Citigroup Inc , Credit Suisse Group AG , Credit Suisse Group AG , Barclays PLC , Bank of America Merrill Lynch , Bank of America Merrill Lynch , Barclays PLC , RBC Capital Markets , RBC Capital Markets , Evercore Inc , Deutsche Bank AG , Deutsche Bank AG , Guggenheim Capital LLC , Guggenheim Capital LLC , Evercore Inc , BDT & Co LLC , BDT & Co LLC , Rothschild & Co , Canson Capital Partners , Canson Capital Partners , Toronto-Dominion Bank/The , Toronto-Dominion Bank/The , Moelis & Co , Moelis & Co , Jefferies LLC , HSBC Bank PLC , Macquarie Group Ltd , Jefferies LLC , Tudor Pickering Holt & Co LLC , TOTAL 551,524 4, ,666 TOTAL 470,221 3, ,510 Canada Announced Deals (Any Involvement) 01/01/ /31/2018 Canada Announced Deals (Target or Seller) 01/01/ /31/2018 Goldman Sachs & Co LLC , Goldman Sachs & Co LLC , Toronto-Dominion Bank/The , Toronto-Dominion Bank/The , Citigroup Inc , Citigroup Inc , JPMorgan Chase & Co , Morgan Stanley , Morgan Stanley , JPMorgan Chase & Co , Bank of America Merrill Lynch , Centerview Partners LLC , Centerview Partners LLC , Canson Capital Partners , Canson Capital Partners , Guggenheim Capital LLC , Guggenheim Capital LLC , Bank of America Merrill Lynch , Lazard Ltd , Lazard Ltd , BMO Capital Markets Corp/Toronto , RBC Capital Markets , RBC Capital Markets , BMO Capital Markets Corp/Toronto , Barclays PLC , Greenhill & Co Inc , Credit Suisse Group AG , Bank of Nova Scotia/The , CIBC , CIBC , Greenhill & Co Inc , GMP Securities LP , Bank of Nova Scotia/The , Credit Suisse Group AG , GMP Securities LP , Canaccord Genuity Corp Macquarie Group Ltd , PowerOne Capital Markets Ltd Canaccord Genuity Corp Macquarie Group Ltd TOTAL 62, ,873 TOTAL 42, ,284 (Mln) COUNT 6

8 Latin America Announced Deals (Any Involvement) 01/01/ /31/2018 Brazil Announced Deals (Any Involvement) 01/01/ /31/2018 Bank of America Merrill Lynch , Bank of America Merrill Lynch , JPMorgan Chase & Co , Banco Itau BBA SA , Banco Itau BBA SA , Riza Capital Consultoria de Investimentos , Riza Capital Consultoria de Investimentos , Morgan Stanley , Morgan Stanley , JPMorgan Chase & Co , Citigroup Inc , Goldman Sachs & Co LLC Lazard Ltd , Vinci Partners Investimentos Ltda Goldman Sachs & Co LLC , Banco BTG Pactual SA GBS Finanzas SA , Credit Suisse Group AG Deutsche Bank AG , XP Investimentos Corretora de Cambio Ti Credit Suisse Group AG Artica Participacoes e Assessoria Financei Banco BTG Pactual SA Lazard Ltd Vinci Partners Investimentos Ltda Banco Bradesco BBI SA Rothschild & Co Broadspan Asset Management LLC Greenhill & Co Inc Azevedo Sette Advogados XP Investimentos Corretora de Cambio Ti Pi Capital International LLC RBC Capital Markets Cypress Associates Lincoln International LLC Azevedo Sette Advogados Food Partners LLC/The TOTAL 26, ,418 TOTAL 17, ,986 Latin America Announced Deals (Target or Seller) 01/01/ /31/2018 Brazil Announced Deals (Target or Seller) 01/01/ /31/2018 Bank of America Merrill Lynch , Bank of America Merrill Lynch , JPMorgan Chase & Co , Banco Itau BBA SA , Banco Itau BBA SA , Riza Capital Consultoria de Investimentos , Riza Capital Consultoria de Investimentos , Morgan Stanley , Morgan Stanley , JPMorgan Chase & Co , Citigroup Inc , Goldman Sachs & Co LLC Lazard Ltd , Vinci Partners Investimentos Ltda Goldman Sachs & Co LLC , Banco BTG Pactual SA GBS Finanzas SA , Credit Suisse Group AG Deutsche Bank AG , XP Investimentos Corretora de Cambio Ti Credit Suisse Group AG Artica Participacoes e Assessoria Financei Banco BTG Pactual SA Lazard Ltd Vinci Partners Investimentos Ltda Banco Bradesco BBI SA Rothschild & Co Broadspan Asset Management LLC Greenhill & Co Inc Azevedo Sette Advogados BNP Paribas SA Pi Capital International LLC Ballas Capital Ltd Cypress Associates XP Investimentos Corretora de Cambio Ti Grant Thornton International Ltd Gram Capital Ltd TOTAL 31, ,801 TOTAL 17, ,194 7

9 EMEA M&A Regional Review M&A deals involving EMEA-based targets reached a voume of $224.1 billion in 1Q2018 which was fairly consistent with the deal volume reported for the same period last year. Deal activity targeting the communications sector increased 516.5% year-on-year to $31.8 billion. The sector s growth is mainly attributed to the pending private equity buyout of TDC A/S for $10.0 billion. This is the largest deal targeting the sector globally. The divestiture of its consumer health business by Novartis AG to GlaxoSmithKline Plc for $13.0 billion was the largest deal targeting the region globallly. EMEA M&A Highlights of Q Country Total Summary Date Target Acquirer Seller Value Industry EMEA M&A: Country Breakdown United Kingdom $ % 0.6% Germany $ % 100.8% Switzerland $ % -35.5% Netherlands $ % 249.1% Spain $ % 57.6% France $ % -54.2% Italy $ % -74.0% Finland $ % -50.8% Amount (Bln.) % of Total Number of deals 2,623 Consumer healthcare Financial $ % -20.7% 3/27/2018 GlaxoSmithKline PLC Novartis AG $13,000.0 Volume (Bln.) $223.2 business/novartis AG Consumer Non-cyclical $ % -14.2% Avg Deal Size (Mln.) $85.1 Specialty chemicals Communications $ % 516.5% 3/27/2018 Multiple Acquirers Akzo Nobel NV $12,538.1 business/akzo Nobel NV Consumer Cyclical $ % -18.4% Top Adviser Basic Materials $ % 278.9% 1/17/2018 GKN PLC Melrose Industries PLC - $11,541.4 JPMorgan Chase & Co Industrial $ % -39.4% Number of deals 33 Energy $ % -47.5% 2/12/2018 TDC A/S Multiple Acquirers - $10,049.3 Volume (Bln.) $85.8 Utilities $ % 86.8% Avg Deal Size (Bln.) $2.6 1/30/2018 UBM PLC Informa PLC - $6,024.0 Technology $ % 153.6% Diversified $ % -58.3% Amount (Bln.) % of Total EMEA M&A: Industry Breakdown % YoY Change % YoY Change Global M&A Review Q EMEA M&A: Quarterly Volume $ $ $ $ $ $ Q Q Q Q Q Q1 Volume $(Bln.) Quarterly Volume represents any involvement (target, seller, or acquirer). Deal Type EMEA M&A: Deal Type Breakdown Amount (Bln.) % Change % Change Volume Company Takeover $ % 5.4% Cross Border $ % -0.7% Private Equity $ % 25.7% Asset sale $ % 22.0% Tender Offer $ % -20.8% Venture Capital $ % 79.6% Spin-off $ % 97.4% Minority purchase $ % 0.0% Majority purchase $ % -45.2% 8

10 Europe Announced Deals (Any Involvement) 01/01/ /31/2018 Europe Announced Deals (Target or Seller) 01/01/ /31/2018 JPMorgan Chase & Co , JPMorgan Chase & Co , Lazard Ltd , Citigroup Inc , Citigroup Inc , Rothschild & Co , Morgan Stanley , Lazard Ltd , Rothschild & Co , Barclays PLC , Barclays PLC , Credit Suisse Group AG , Goldman Sachs & Co LLC , Goldman Sachs & Co LLC , Credit Suisse Group AG , Evercore Inc , Bank of America Merrill Lynch , Bank of America Merrill Lynch , Evercore Inc , Morgan Stanley , UBS AG , UBS AG , LionTree Advisors LLC , LionTree Advisors LLC , HSBC Bank PLC , HSBC Bank PLC , RBC Capital Markets , RBC Capital Markets , Ardea Partners LLC , Nordea Bank AB , Nordea Bank AB , Greenhill & Co Inc , BNP Paribas SA , Investec PLC , Greenhill & Co Inc , BNP Paribas SA , Investec PLC , Macquarie Group Ltd , Macquarie Group Ltd , Gleacher Shacklock LLP , TOTAL 292,240 3, ,435 TOTAL 228,998 2, ,278 UK Announced Deals (Any Involvement) 01/01/ /31/2018 Germany Announced Deals (Any Involvement) 01/01/ /31/2018 JPMorgan Chase & Co , JPMorgan Chase & Co , Citigroup Inc , Goldman Sachs & Co LLC , Rothschild & Co , BNP Paribas SA , Credit Suisse Group AG , Rothschild & Co , Barclays PLC , D'Angelin & Co Ltd , UBS AG , Bank of America Merrill Lynch , RBC Capital Markets , Kempen & Co NV , Bank of America Merrill Lynch , Citigroup Inc , Greenhill & Co Inc , Freitag & Co GmbH , Investec PLC , NIBC Bank NV , Gleacher Shacklock LLP , Morgan Stanley , Evercore Inc , UBS AG , Goldman Sachs & Co LLC , Ernst & Young PJT Partners Inc , Wells Fargo & Co Morgan Stanley , PricewaterhouseCoopers LLP Centerview Partners LLC , Liberum Capital Ltd HSBC Bank PLC , ING Groep NV Societe Generale SA , Carnegie Fondkommission AB Fenchurch Advisory Partners LLP , Kaiser Wealth Management Lazard Ltd , Clifford Chance LLP TOTAL 114,669 1, ,370 TOTAL 31, ,172 9

11 France Announced Deals (Any Involvement) 01/01/ /31/2018 Italy Announced Deals (Any Involvement) 01/01/ /31/2018 JPMorgan Chase & Co , Goldman Sachs & Co LLC , Lazard Ltd , Bank of America Merrill Lynch , Morgan Stanley , Barclays PLC , Ardea Partners LLC , Rothschild & Co , Rothschild & Co , Mediobanca Banca di Credito Finanziario S , Guggenheim Capital LLC , Credit Suisse Group AG , Evercore Inc , Nomura Holdings Inc , Credit Agricole Corporate & Investment Ba , BNP Paribas SA D'Angelin & Co Ltd , Robert W Baird & Co Inc BNP Paribas SA , L&P Investimenti Srl Goldman Sachs & Co LLC , JPMorgan Chase & Co Nomura Holdings Inc , Lazard Ltd RBC Capital Markets Greenhill & Co Inc SunTrust Robinson Humphrey Capital Mark PricewaterhouseCoopers LLP Kepler Cheuvreux Citigroup Inc L&P Investimenti Srl Fineurop Soditic SpA Barclays PLC Colliers International Ernst & Young Deloitte Touche Tohmatsu ILA Group Ltd Macquarie Group Ltd Morgan Stanley TripleTree LLC ValeCap Srl TOTAL 59, ,479 TOTAL 12, ,512 Benelux Announced Deals (Any Involvement) 01/01/ /31/2018 Iberia Announced Deals (Any Involvement) 01/01/ /31/2018 (Mln) COUNT (Mln) COUNT Lazard Ltd , Citigroup Inc , JPMorgan Chase & Co , Societe Generale SA , Morgan Stanley , Deutsche Bank AG , HSBC Bank PLC , RBC Capital Markets , Evercore Inc , Goldman Sachs & Co LLC , Citigroup Inc , GBS Finanzas SA , BNP Paribas SA , Lazard Ltd , Goldman Sachs & Co LLC , PricewaterhouseCoopers LLP LionTree Advisors LLC , Bank of America Merrill Lynch Barclays PLC , Barclays PLC Credit Suisse Group AG , Ernst & Young Kempen & Co NV , Rothschild & Co Bank of America Merrill Lynch , Guggenheim Capital LLC Nomura Holdings Inc , Macquarie Group Ltd UBS AG Banco de Sabadell SA Centerview Partners LLC Deloitte Touche Tohmatsu ILA Group Ltd Cowen & Co LLC Lincoln International LLC ING Groep NV Banco Bilbao Vizcaya Argentaria SA Ernst & Young KPMG Corporate Finance LLC Jefferies LLC Banco Santander SA TOTAL 48, ,330 TOTAL 18, ,101 (Mln) COUNT 2018 VOLUME USD (Mln) DEAL COUNT

12 Nordic Announced Deals (Any Involvement) 01/01/ /31/2018 Eastern Europe Announced Deals (Any Involvement) 01/01/ /31/2018 LionTree Advisors LLC , LionTree Advisors LLC , Nordea Bank AB , BNP Paribas SA , Morgan Stanley , Barclays PLC , Barclays PLC , VTB Capital JSC , JPMorgan Chase & Co , JPMorgan Chase & Co , Lazard Ltd , Goldman Sachs & Co LLC HSBC Bank PLC , Houlihan Lokey Inc Evercore Inc , UBS AG Macquarie Group Ltd , Erneholm & Haskel Citigroup Inc , Credit Suisse Group AG Goldman Sachs & Co LLC , Seabury Securities Holdings LLC Rothschild & Co , Superia Corporate Finance Bank of America Merrill Lynch , China Merchants Securities Co Ltd Ondra LLP , Allen & Overy LLP BNP Paribas SA , Catella Corporate Finance AB Skandinaviska Enskilda Banken AB , PricewaterhouseCoopers LLP Credit Suisse Group AG , ASB Prague Sro Ernst & Young , KPMG Corporate Finance LLC Carnegie Fondkommission AB Lazard Ltd Sundling & Warn Partners Deutsche Bank AG TOTAL 46, ,102 TOTAL 18, ,299 Africa/ME Announced Deals (Any Involvement) 01/01/ /31/2018 (Mln) COUNT JPMorgan Chase & Co , Rothschild & Co , Lazard Ltd , Credit Agricole Corporate & Investment Ba , Evercore Inc , Barclays PLC , Goldman Sachs & Co LLC , PowerOne Capital Markets Ltd GMP Securities LP Citigroup Inc Bank of America Merrill Lynch Morgan Stanley Deutsche Bank AG KPMG Corporate Finance LLC BMO Capital Markets Corp/Toronto FirstRand Ltd PricewaterhouseCoopers LLP Avendus Capital Pvt Ltd Credit Suisse Group AG Standard Chartered Bank TOTAL 27, ,224 11

13 APAC M&A Regional Review M&A activity targeting the APAC region in 1Q2018 experienced a 9.4% decrease to $195.5 billion compared to the same period last year. Deals exceeding $1.0 billion in value increased by 12.5% to 27 deals. The value of deals targeting Chinese companies or assets in China accounted for 46.3% of the total deal volume. The financial and consumer cyclical sectors were the most targeted industries, accounting for 45.3% of the region's overall volume. The largest deal of the quarter in the region was the merger of Fujifilm Holdings Corp's subsidiary Fuji Xerox Co with Xerox Corp of the United States for $6.1 billion. Deals with private equity involvement decreased 4.0% year-on-year to $36.1 billion. The largest private equity deal was the $2.5 billion financing for Jingdong Express Group Corp from investors including Hillhouse Capital and Tencent Holdings. APAC M&A: Highlights of Q Summary Number of deals 3,263 $196.2 Volume (Bln.) $60.1 Avg Deal Size (Mln.) Top Adviser Nomura Holdings Inc Number of deals 23 $11.8 Volume (Bln.) Avg Deal Size (Bln.) $0.5 Total Value Date Target Acquirer Seller 1/31/2018 Fuji Xerox Co Ltd Fuji Xerox Co Ltd FUJIFILM Holdings Corp $6, /29/2018 Dalian Wanda Commercial Management Group Co Multiple Acquirers - $5, /2/2018 Snowy Hydro Ltd 1/22/2018 Beijing New Energy Automobile Co Chengdu Qian Feng Electronics Co Ltd 3/31/2018 Joy City Property Ltd COFCO Property Group Co Ltd State of New South Commonwealth of Australia Wales Australia,State of Victoria Australia - $4,830.3 $4,505.1 COFCO Corp $4,454.8 $ $ $ $0 0 Volume $(Bln.) Australia/NZ M&A: Quarterly Volume $ $ $ $0 0 Volume $(Bln.) Greater China M&A: Quarterly Volume $ $ $ $0 0 APAC M&A: Breakdown APAC Industry Breakdown 6% 5% 3% 0% 27% 7% 11% 16% 12% 13% Amount % Change (Bln.) Deal % YoY Change Volume $(Bln.) Financial Deal Type Consumer Cyclical Company Takeover $ % 0.2% Consumer Non-cyclical Cross Border $ % -8.2% $80 Industrial Private Equity $ % 3.3% $60 Technology Asset sale $ % 22.1% Communications Tender Offer $ % -20.6% $ % 160.2% $ % -79.1% Minority purchase $ % 31.9% Majority purchase $ % -4.2% Energy Basic Materials Utilities Diversified Venture Capital Spin-off Japan M&A: Quarterly Volume 1000 $ $20 $0 0 Volume $(Bln.) Graphs represent any regional involvement (target, seller, or acquirer) Global M&A Review Q APAC M&A: Quarterly Volume

14 APAC Ex-Japan Announced Deals (Any Involvement) 01/01/ /31/2018 APAC Ex-Japan Announced Deals (Target or Seller) 01/01/ /31/2018 JPMorgan Chase & Co , CITIC Securities Co Ltd , Lazard Ltd , CSC Financial Co Ltd , Morgan Stanley , Credit Suisse Group AG , Citigroup Inc , Citigroup Inc , Goldman Sachs & Co LLC , China International Capital Corp Ltd , Bank of America Merrill Lynch , Lazard Ltd , Evercore Inc , UBS AG , Canson Capital Partners , Deutsche Bank AG , Guggenheim Capital LLC , Ernst & Young , Centerview Partners LLC , Haitong Securities Co Ltd , Toronto-Dominion Bank/The , JM Financial Ltd , Macquarie Group Ltd , Morgan Stanley , HSBC Bank PLC , Macquarie Group Ltd , CITIC Securities Co Ltd , Goldman Sachs & Co LLC , Barclays PLC , State Bank of India , Nordea Bank AB , Somerley Group Ltd , LionTree Advisors LLC , JPMorgan Chase & Co , Rothschild & Co , Messis Capital Ltd , CSC Financial Co Ltd , Rothschild & Co , Credit Suisse Group AG , Bank of America Merrill Lynch , TOTAL 252,436 3, ,099 TOTAL 178,765 2,766 APAC Private Equity (Any Involvement) 01/01/ /31/2018 JPMorgan Chase & Co , Lazard Ltd , Morgan Stanley , Citigroup Inc , Goldman Sachs & Co LLC , Evercore Inc , Bank of America Merrill Lynch , Centerview Partners LLC , Canson Capital Partners , Guggenheim Capital LLC , Toronto-Dominion Bank/The , HSBC Bank PLC , Macquarie Group Ltd , Nordea Bank AB , LionTree Advisors LLC , Barclays PLC , Rothschild & Co , Credit Agricole Corporate & Investment Ba , Moelis & Co , Credit Suisse Group AG , TOTAL 102, (Mln) COUNT (Mln) COUNT 57, VOLUME USD (Mln) DEAL COUNT ,070 13

15 AU & NZ Announced Deals (Any Involvement) 01/01/ /31/2018 Japan Announced Deals (Any Involvement) 01/01/ /31/2018 (Mln) COUNT Macquarie Group Ltd , Nomura Holdings Inc , Morgan Stanley , Morgan Stanley , Nordea Bank AB , Centerview Partners LLC , LionTree Advisors LLC , Goldman Sachs & Co LLC , Barclays PLC , JPMorgan Chase & Co , Lazard Ltd , Sumitomo Mitsui Financial Group Inc , Credit Suisse Group AG , Rothschild & Co , UBS AG , Mizuho Financial Group Inc , Deutsche Bank AG , Lazard Ltd , JPMorgan Chase & Co , Credit Suisse Group AG , Rothschild & Co , Daiwa Securities Group Inc , Goldman Sachs & Co LLC , Citigroup Inc , Societe Generale SA , Bank of America Merrill Lynch Ernst & Young , UBS AG Bank of Nova Scotia/The RBC Capital Markets Citigroup Inc KPMG Corporate Finance LLC Bank of America Merrill Lynch Cowen & Co LLC CITIC Securities Co Ltd GCA Corp Highbury Partnership Pty Ltd Highbury Partnership Pty Ltd Somerley Group Ltd YAMADA Consulting Group Co Ltd TOTAL 36, ,399 TOTAL 54, ,159 South Korea Announced Deals (Any Involvement) 01/01/ /31/2018 China Announced Deals (Any Involvement) 01/01/ /31/2018 China International Capital Corp Ltd , CITIC Securities Co Ltd , Morgan Stanley , CSC Financial Co Ltd , Deutsche Bank AG , China International Capital Corp Ltd , RBC Capital Markets Haitong Securities Co Ltd , PricewaterhouseCoopers LLP Deutsche Bank AG , NH Investment & Securities Co Ltd UBS AG , Ernst & Young Lazard Ltd , Goldman Sachs & Co LLC Messis Capital Ltd , Rothschild & Co Somerley Group Ltd , JPMorgan Chase & Co Citigroup Inc , Nomura Holdings Inc Huatai Securities Co Ltd , Credit Suisse Group AG GBS Finanzas SA , KPMG Corporate Finance LLC Gram Capital Ltd Mita Securities Co Ltd Huajin Securities Co Ltd Deloitte Touche Tohmatsu ILA Group Ltd China Merchants Securities Co Ltd Lazard Ltd Bank of China Ltd Bank of Nova Scotia/The JPMorgan Chase & Co Moelis & Co Credit Suisse Group AG Morgan Stanley Dongxing Securities Co Ltd TOTAL 21, ,730 TOTAL 107,141 1, ,383 (Mln) COUNT 14

16 Hong Kong Announced Deals (Any Involvement) 01/01/ /31/2018 Taiwan Announced Deals (Any Involvement) 01/01/ /31/2018 Citigroup Inc , Citigroup Inc , Somerley Group Ltd , Somerley Group Ltd , Euto Capital Partners Ltd Goldman Sachs & Co LLC China Construction Bank Corp Morgan Stanley Goldman Sachs & Co LLC Mizuho Financial Group Inc CIMB Deloitte Touche Tohmatsu ILA Group Ltd Evercore Inc Union Square Advisors LLC/NY Deutsche Bank AG Ernst & Young Zhongtai Securities Co Ltd Cowen & Co LLC Ballas Capital Ltd Well Link International Capital Ltd CSC Financial Co Ltd Barclays PLC Riza Capital Consultoria de Investimentos HSBC Bank PLC Kingston Financial Group Ltd Axis Bank Ltd Rothschild & Co Great Wall Pan Asia Corporate Finance Ltd Grand Harbour Corporate Finance Ltd TOTAL 24, ,547 TOTAL 6, ,964 SE Asia Announced Deals (Any Involvement) 01/01/ /31/2018 India Announced Deals (Any Involvement) 01/01/ /31/2018 JPMorgan Chase & Co , JM Financial Ltd , Lazard Ltd , Citigroup Inc , Morgan Stanley , Ernst & Young , Goldman Sachs & Co LLC , State Bank of India , Evercore Inc , Goldman Sachs & Co LLC Bank of America Merrill Lynch , Bank of America Merrill Lynch Citigroup Inc , Rothschild & Co Centerview Partners LLC , Avendus Capital Pvt Ltd Canson Capital Partners , Credit Suisse Group AG Guggenheim Capital LLC , Jefferies LLC Toronto-Dominion Bank/The , Morgan Stanley HSBC Bank PLC , Kotak Mahindra Bank Ltd Rothschild & Co , William Blair & Co LLC Credit Agricole Corporate & Investment Ba , Standard Chartered Bank Credit Suisse Group AG , Karvey Consultants Ltd Moelis & Co , Allegro Capital Management Inc Macquarie Group Ltd , Axis Bank Ltd China International Capital Corp Ltd , KPMG Corporate Finance LLC RHB , ICICI Bank Ltd BNP Paribas SA , Veda Corporate Advisors Pvt Ltd TOTAL 73, ,005 TOTAL 19, ,987 15

17 Bloomberg League Criteria Announced Global League Tables are based upon announced total values, unless otherwise stated in the title. Non-US dollar values are converted to US dollars at the time of announcement. Credit will be given to transactions in which Bloomberg classifies as mergers, acquisitions, divestitures, self-tenders, or spin-offs. Regional and industry League Tables will be based on the country of risk and industry of the ultimate publicly traded parent of a privately held company where applicable. Advisors to any member of an investor group, consortium, or joint venture are eligible for full credit. Advisory fees hold no weight over advisory credit. General Database Criteria A transaction is considered to have been announced upon the release of terms offered by the acquirer, and acknowledgement of the offer by the target company. Deals that are considered to be in proposed status will not be granted credit. Full versions of Bloomberg s League Tables Standards & Guidelines can be accessed on Bloomberg Professional: {LEAG<GO>}: M&A Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service. 16